{"data":{"id":"us-ky/krs-441.630","jurisdiction":"us-ky","citation":"KRS 441.630","heading":"Contents of agreement between authority and local government -- Limits","body":"of authority's financial participation in projects.\nIf the authority deems it suitable, feasible, necessary, or expedient that any project or\nprojects be financed or refinance d and constructed by the authority, the authority may\nmake one (1) or more written agreements in which the parties may include provisions as\nto any of the following:\n(1) Identify the project to be financed by the authority, setting forth specifications and\ndesign of the facilities to be constructed, reconstructed, improved, or repaired, and\nany other information which is deemed necessary and proper for the development\nof the project;\n(2) Set forth what portions, if any, of the cost of the project have been or shall\nthereafter be contributed by the authority from the funds and other resources\navailable to it during the then current biennium and not previously obligated. The\nauthority's contribution from its funds, excluding rentals received under leases\nmade by the authority and any contribution, grant, or gift made to the authority by a\nlocal government, person, or entity other than the state, for the use and benefit of\nthe project, shall not exceed ninety percent (90%) of the cost;\n(3) Set forth agreements f or planning, design, acquisition of property, soliciting\nconstruction bids, awarding construction contracts, issuing of work orders, and\nother steps necessary or incidental to the construction of the project, and\nauthorizing and selling bonds for the project;\n(4) Agree that upon completion of the project the lessee will continuously pay all of the\ncost of repairing, maintaining, and operating the project;\n(5) Agree that upon the happening of stated events and the performance of stated\nconditions not inconsi stent with law, the authority shall convey the project to the\nlessee;\n(6) Set forth the terms and provisions of lease or proposed conveyance to be entered\ninto by and between the authority and any local government, including the\nrequirement that all new ja il construction projects receiving any authority funding\nshall provide an agreed upon number of beds for state prisoners at a rate set by the\ncommissioner of the Department of Corrections but which in no case shall be less\nthan seventy-five percent (75%) of the actual daily cost of maintaining a prisoner;\n(7) Agree that upon determination of the amount of bonds to be issued by the authority\nfor the project and the interest rate or rates the bonds are to bear, and prior to the\ndelivery of any bonds to the pu rchaser, the rental to be paid during the term of the\nlease and each term for which the lease may be renewed shall be established\naccording to a method of computation set forth in the proposed lease, and that the\nauthority and lessee, each by authorized persons, shall execute the lease and file the\noriginal or a signed counterpart in the office of the authority, and the Secretary of\nState of the Commonwealth;\n(8) Agree to establish any method of interim financing by the authority during the\nconstruction of any project, with borrowed funds from any bank, trust company, or\nbanking institution, the funds to be amortized from money obtained through the sale\nof revenue bonds before, during, or at completion of the construction of such\nproject or projects; and\n(9) Agree to establish guidelines for the construction, reconstruction, improvement, or\nrepair of projects determined by the authority to qualify for grants from the\nauthority.","path":["KRS Chapter 441"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=19367","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:55Z","sha256":"df4907aa354e25c093462090048f12ac6d8552bfa64e0f17dc65e1aa91524da0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-441.625","next":"us-ky/krs-441.635"},"notice":"GroundRules: Original legal text. Not legal advice."}